What is DFI.Money?
YFII is the native token of DFI.Money, which is more popularly known by its former name Yearn Finance II (YFII). It's a DeFi farming aggregator that allows users to choose the products they want to invest in and enjoy the yields. It was launched as a hard fork of yearn.finance (YFI) in 2020, implementing the YIP-8 proposal. The main aim of DFI.Money is to optimize DeFi investor yields and provide them with automatic yield generation.
Care to see the live YFII price? You can check it in the DFI.Money price chart above.
DFI.MONEY essentially plays the same role as yearn.finance, except with some extra features. Thus, it appeals to both – YIP-8 supporters who used its predecessor, as well as new DeFi investors who wish to optimize returns through liquidity provision.
The main highlight of the DFI.Money crypto project is yield farming vaults. These vaults are smart-contract-powered farming pools that feature sets of strategies for earning better APR.
The Story of DFI.Money
As mentioned before, DFI.Money is a hard fork of yearn.finance. How did it happen? After, the mining and farming of yearn.finance native token stopped in July 2020, yearn.finance users suggested a proposal to safeguard liquidity from whales (YIP-8). The proposal received 80% of the support of protocol users. However, it was not approved since the necessary quorum of 33% was not reached. Due to this, some users decided to hard fork the protocol and establish DFI.MONEY.
DFI.Money Token
The native token of DFI.Money is called YFII. It is based on the former name of this platform – Yearn Finance II. This token follows a reward halving strategy that is similar to that of Bitcoin. Thus, the number of YFII token rewards is cut in half every seven days, so there is a fair distribution to the community. This also maintains scarcity and ensures a stable DFI.Money price in the economy.
The YFII token is built on the Ethereum blockchain based on the ERC-20 token standard. There were no pre-mining or developer rewards that backed the creation of this token. The main objective of this token is to provide liquidity to the pool to earn more tokens.
The initial total supply of YFII was 40,000 tokens. These tokens were distributed into two liquidity pools – Curve and Balancer (20,000 tokens in each pool). The only way of earning YFII coins is by providing liquidity to the DFI.Money protocol. The amount of new YFII tokens received depends on the amount of provided liquidity. Though, as mentioned before, the rewards decrease by half each week.
Don't forget to check the current YFII price that is featured on the DFI.Money price chart.
